Australia-listed Oilex Ltd., in its capacity as Operator and on behalf of the Joint Venture Participants to the Joint Petroleum Development Area (JPDA) 06-103 Production Sharing Contract (PSC) in the northern Bonaparte Basin off northwest Australia, reported that it has submitted to the Autoridade Nacional do Petróleo (ANP) of Timor Leste a request to terminate the PSC by mutual agreement in accordance with its terms and without penalty or claim (Request to Terminate).
The Request to Terminate will require the consent of the Timor Sea Designated Authority.
The submission of the Request to Terminate relates to ongoing Joint Venture concerns associated with uncertainty of PSC tenure. There have been several recent developments within the JPDA which have occurred outside the control and influence of the Joint Venture Participants. These include the:
Managing Director of Oilex Ron Miller, said “In a situation where sovereign nations seek to resolve issues related to international boundaries, it is in the best interests of all parties to allow such matters to run their course. The PSC is the last offshore asset in Oilex’s portfolio and the company, on behalf of the JPDA06-103 joint venture, will continue to collaborate closely with the regulator throughout this process.”
The participants in the JPDA 06-103 Joint Venture are:
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